Modec, Schahin Sign LOI to Supply FPSO for Block BM-S-9 in Santos Basin

Petroleo Brasileiro S.A. (Petrobras), the operator for the BM-S-9 consortium, announced, together with its partners BG E&P Brasil and Repsol Sinopec Brasil, that the company’s affiliate Guará BV has signed on its behalf a letter of intent to charter, through Japan's Modec Inc. and Schahin Petróleo e Gás S.A., an FPSO (floating production, storage and offloading unit) for use in production development of the pre-salt layer in the Carioca area, part of the Santos Basin’s block BM-S-9 in Brazil.

The project provides for the initial connection of eight wells to the FPSO, four as producing wells and four for injection, with the possibility of subsequent additional wells. The Carioca area is expected to start producing in August 2016.

The platform will have a processing capacity of up to 100,000 barrels of oil per day (bopd) and 176.57 million cubic feet (5 million cubic meters) per day of natural gas. The FPSO will be operated by the companies responsible for its construction and chartered to the BM-S-9 Consortium for a period of 20 years. The Carioca FPSO is scheduled to be delivered by June 2016.

The BM-S-9 Consortium is a partnership between Petrobras (the operator, with a 45 percent stake), BG E&P Brasil Ltda. (30 percent) and Repsol Sinopec Brasil S.A. (25 percent).


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